This was revealed in the Ministryof Industry and Trade’s draft strategy on domestic trade development, which isbeing publicised for recommendations.

According to the draft, the GDPof the domestic trade sector will be more than 419 trillion VND by 2020, 700trillion VND by 2025, and 2.3 quadrillion VND by 2035, contributing roughly15.5-16 percent to Vietnam’s GDP by 2030.

The annual growth rate (excludingthe price factor) of the country’s total revenue from retail sales of goods andservices for the period from now to 2020 will average at 13 percent per year,and rise to 14 percent in 2021-25. The value will reach some 5.8 quadrillion VNDby 2020, 11 quadrillion VND by 2025 and 44 quadrillion VND by 2035.

Domestic economic sector willaccount for some 80 percent of the country’s total retail sales revenue by2020, while the foreign direct investment (FDI) sector will make up about 20 percentbefore rising to 70 percent by 2025.

The proportion of modern trademodels will be roughly 30 percent, or nearly 1.7 quadrillion VND, by 2020. Itwill rise to 35 percent or 3.8 quadrillion VND by 2025 and 50 percent or 22quadrillion VND by 2035.

Modern trade models such ascommodity exchanges, auction centres and franchises will be also developed, ande-commerce will be boosted to have more than 60 percent of small- andmedium-sized enterprises (SMEs) participating in e-commerce by 2020 and 80-90percent by 2035.

For the period after 2025, theGDP of the domestic trade sector will reach some 2.3 quadrillion VND by 2035,contributing some 15.5-16 percent to Vietnam’s GDP by 2030.

[Convenience stores aid growth of Vietnam’s retail industry]

The annual growth rate of totalretail sales of goods and services will average at 14.5 percent per year in theperiod and reach over 11 trillion VND by 2025 and 44 quadrillion VND by 2035.

The trade system in thecountry’s urban areas will be streamlined to meet the standards of ASEAN 4 by2035.

According to the Ministry ofIndustry and Trade, the strategy was drafted based on data during the periodfrom 2011 to 2015 when the GDP growth rate of the domestic trade sector was9.05 percent per year. Besides, the ministry also based its strategy on theevaluation and forecast of commercial trends in the domestic and globalmarkets.

Vietnam last year was ranked byA.T. Kearney among the world’s top 30 retail markets with the bestopportunities. The country’s retail market last year rose 10.2 percent over theprevious year to 3.5 quadrillion VND, according to the General StatisticsOffice.

The market has been an attractivedestination for foreign investors thanks to its relatively young population, arapidly expanding middle class and high living standards.

Almost 60 percent of Vietnam’spopulation of roughly 93 million people is under the age of 35, and is becomingbetter educated and richer. The country’s average income last year jumped to 2,200USD from a meager 433 USD in 2000, according to official data.

The World Bank forecast that Vietnam’s200 billion USD economy is likely to grow to a trillion dollars by 2035, withmore than half of its population, compared to only 11 percent today, expectedto join the ranks of the global middle class with the consumption of 15USD aday or more.-VNA

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